This study explores how Maharashtra has fared in changing its trade-related policies and the imple-mentation, in response to economic reforms during 1991-2007. This includes state-level tax policies, initiatives to attract foreign or domestic investors in the state, export promotion initiatives, and develop-ment initiatives affecting business. It also discusses the changing role of business in the state, the bureaucratic mechanism working towards imple-mentation of policies, the role of political parties, and the role of chief minister as a leader in framing and implementing trade-related policies. Two sectoral case studies-one on automobiles and auto component industry, and another on the pharma-ceutical industry-exhibit how all the above factors have worked in Maharashtra in the growth and development of the sectors. The brief policy prescription at the end should assist policymakers, investors, and business houses alike in learning from the past.